Morgan Stanley Direct Lending Corp.

MSDL

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the 1940 Act ).

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$1.21B

EPS$0.69

P/E20.90

P/FCF–

EV/EBITDA–

FCF Yield–

Div. Yield13.89%

Net Debt/FCF–

Morgan Stanley Direct Lending Corp. intrinsic value

52-Week Range

$12.78$17.79

Profitability & Returns

TTM as of 2026-06 · YoY vs prior year · ROIC = NOPAT / invested capital

Revenue

N/A

Net Income (TTM)

$60M

▼ -43.4% YoY

Op. Margin

–

ROIC

–

Cash Flow & Balance Sheet

FCF = operating cash flow + capex · Net debt = total debt − cash · Balance sheet from latest filing

FCF

N/A

Op. Cash Flow (TTM)

$283M

▲ +139.4% YoY

Net Debt

$1.90B

Cash & Equiv.

$80M

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Quality Scorecard

Is this a high-quality business?

Dividends

Payout safety and growth

Intrinsic Value

What is it worth?

Financials

Full income, cash flow, balance sheet

Held by ETFs

MSDL is in 3 US ETFs. The largest of them, with MSDL's weight in each:

Morgan Stanley Direct Lending (MSDL) in three numbers

Fair value (earnings): $14.67; Price $14.42 is at fair value.; Intrinsic Value
Dividend (TTM): $1.96; 13.89% yield, raised 2 years in a row.; Dividends
P/E: 20.90; From the last twelve months of earnings.; Financials

Questions about Morgan Stanley Direct Lending

Is Morgan Stanley Direct Lending (MSDL) overvalued?

At $14.42, Morgan Stanley Direct Lending's price is at the $14.67 a share fair value that Intrinsiqq's calculator gets from its earnings. It trades at 20.90 times earnings. The growth behind that figure is yours to set on the Intrinsic Value tab. See how to tell if a stock is overvalued.

What is Morgan Stanley Direct Lending's fair value?

Intrinsiqq's calculator puts Morgan Stanley Direct Lending's fair value at $14.67 a share. It grows earnings per share 0% a year for 5 years, applies an exit P/E of 16.9, and works back at a 10% yearly return. A 25% margin of safety gives a buy-below price of $11.00. Every input can be changed on the Intrinsic Value tab.

Does Morgan Stanley Direct Lending (MSDL) pay a dividend, and how much?

Yes. Morgan Stanley Direct Lending (MSDL) pays a dividend: $1.96 per share over the last twelve months, a dividend yield of 13.89% at the latest close. It has raised its dividend per share for 2 years in a row, growing at 14.5% a year over the last 4 years. The payout takes about 281.9% of earnings.

Source: 10-Q filed 5 Aug 2026 (period ending 30 Jun 2026), SEC. Price: last close 4 Nov 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.

Spot a number that looks wrong? Check it in MSDL's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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